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Menesse International paid $6 million for one of the last vacant sites along Miami’s Brickell Avenue, the developer announced.
The 17,500-square-foot site is at 1870 Brickell Avenue, across the street from the waterfront Brickell Place Condominium and Related Group’s planned uber-luxury St. Regis condo development.
Menesse, a developer hailing from Mexico and now based in Miami, plans to build a high-end boutique condo development, where prices would start at $3 million and average $3,000 a square foot, but plans for the project have not been finalized.
Manny Chamizo III, commercial director of ONE Sotheby’s International Realty, represented both the buyer and seller, the Carlos Saenz Family Trust, which could not be reached for comment.
The parcel purchase, half of which was financed by Maxim Capital, marks Menesse’s second U.S. acquisition. Across the Brickell district at 143 SW Ninth Street, a block east of Interstate 95, the developer filed plans in December to build a 39-story rental tower with 400 units, which is expected to be completed by 2026.
“There’s no market like it in the world, and with continued economic growth, especially in the tech and finance sectors, its momentum is only growing,” Mariano Borges, CEO and founder of Menesse, said about Miami in a statement.
Founded in 2008, the company claims to have developed 39 developments in Playa del Carmen, Mexico, and four in Tulum, totaling just over 1,350 units.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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